We have investigated magnetic orders and excitations in a Y-type hexaferrite BaSrCo 2 Fe 11 AlO 22 (BSCoFAO), which was reported to exhibit spin-driven ferroelectricity at room temperature [Hirose et al., Appl. Phys. Lett. 104, 022907 (2014)]. By means of magnetization, electric polarization and neutron diffraction measurements using single-crystal samples, we establish H-T magnetic phase diagram for magnetic field perpendicular to the c axis (H ⊥c). This system exhibits an alternating longitudinal conical (ALC) magnetic structure in the ground state, and it turns into a non-coplanar commensurate magnetic order with spin-driven ferroelectricity under H ⊥c. The field-induced ferroelectric phase remains as a metastable state after removing magnetic field below ∼ 250 K. This metastability is the key to understanding of magnetic-field-reversal of the spin-driven electric polarization in this system. Inelastic polarized neutron scattering measurements in the ALC phase reveal a magnetic excitation at around 7.5 meV, which is attributed to spin components oscillating in a plane perpendicular to the cone axis. This phason-like excitation is expected to be electric-field-active magnon, i.e., electromagnon excitation, in terms of the magnetostriction mechanism.